Arkansas Code Title 23, Subtitle 3, Chapter 101 - Creditor-Placed Insurance

• § 23-101-101 - Purpose.
  The purposes of this chapter are to: (1) Promote the public welfare by regulating creditor-placed insurance; (2) Create a legal framework within which creditor-placed...
• § 23-101-102 - Scope.
  (a) This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter.(b) All creditor-placed insurance written in connection with...
• § 23-101-103 - Definitions.
  As used in this chapter: (1) "Actual cash value" means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation...
• § 23-101-104 - Prohibited Coverages.
  (a) Creditor-placed insurance coverage shall not include: (1) Coverage for the cost of repossession; (2) Skip, confiscation, and conversion coverage; (3) Coverage for payment...
• § 23-101-105 - Term of Insurance Policy.
  (a) Creditor-placed insurance shall become effective on the latest of the following dates: (1) The date of the credit transaction; (2) The date prior...
• § 23-101-106 - Calculation and Payment of Premiums.
  (a) Premiums for creditor-placed insurance coverage may be calculated based on: (1) An amount not exceeding the net debt even though the coverage may...
• § 23-101-107 - Evidence of Coverage.
  (a) Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance.(b) A copy of the individual policy, certificate of insurance...
• § 23-101-108 - Filing, Approval, and Withdrawal of Forms and Rates.
  (a) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates...
• § 23-101-109 - Refund of Unearned Premiums.
  (a) Within sixty (60) calendar days after the termination of creditor-placed insurance coverage and in accordance with the formulas approved by the Insurance Commissioner,...
• § 23-101-110 - Claims.
  (a) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following,...
• § 23-101-111 - Rights and Obligations of the Parties.
  (a) In order for the creditor to place insurance on the collateral pledged by the debtor and pass the cost of the insurance on...
• § 23-101-112 - Remittance of Premiums and Payment of Compensation.
  (a) (1) The entire amount of the premium due from a creditor shall be remitted to the insurer or its producer in accordance with...
• § 23-101-113 - Disclosures to Debtor.
  (a) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless...
• § 23-101-114 - Rules and Regulations.
  After notice and hearing, the Insurance Commissioner may promulgate reasonable rules and regulations to carry out and effectuate the provisions of this chapter.

Last modified: November 15, 2016